Shares in Aer Lingus owner IAG plunged 9% and Ryanair fell more than 1% as the crisis for international airlines, in the wake of the spread of the Covid-19 virus, deepened. Elsewhere, EY has taken control of Connect Airways – the holding company of recently collapsed Flybe and Aer Lingus Regional operator Stobart Air – with it falling into administration. “The spread of the coronavirus has placed the entire global economy and our company as well in an unprecedented state of emergency,” Lufthansa CEO Carsten Spohr said. “We had planned this year to receive a new plane every 10 days - now we don’t need any,” he said. The Trump administration’s lending proposal would require airlines to maintain a certain amount of service and limit increases in executive pay until the loans are repaid.

Source: Irish Examiner March 19, 2020 18:11 UTC